Aplicación del modelo gravitacional al impacto del gobierno corporativo en las fusiones y adquisiciones en Latinoamérica

Mateo Vasco (), Lina Cortés, Sandra Gaitan Riaño () and Iván A. Durán ()

No 10709, Documentos de Trabajo de Valor Público from Universidad EAFIT

Abstract: Resumen:En el presente estudio se analiza si la actividad de fusiones y adquisiciones (M&A) transnacionales está influenciada por los estándares de gobierno corporativo de los países. Para lograrlo, se recurre al modelo gravitacional. Se toma la actividad proveniente de países de la OECD y dirigida hacia seis países latinoamericanos y, como medida de gobierno corporativo a nivel país, se usan los indicadores de Kaufmann, entre otros. Se encontró que el modelo gravitacional es explicativo del fenómeno y que a mayor nivel de gobierno corporativo en el país de origen y en el país de destino, mayor es la actividad de M&A.Abstract:In this study we analyze whether transnational mergers and acquisitions (M&As) are influenced by country level corporate governance standards. For this purpose, we use a gravity model. Additionally, this study focuses only on the M&As flows from the OECD countries towards Latinamerican economies, and we use the Kaufmann indicators as measures of country level corporate governance, among others. We find evidence that the gravity model is explicative of the M&As flows, and that the higher the level of corporate governance at both origin and destination countries, the greater the M&As activity.

Keywords: fusiones y adquisiciones; gobierno corporativo; modelo gravitacional; Mergers and Acquisitions; Corporate Governance; Gravity Model. (search for similar items in EconPapers)
JEL-codes: C23 F36 G34 (search for similar items in EconPapers)
Pages: 26
Date: 2012-12-02
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